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Energy crisis is postponed as new gas rescues the world

Engineers have performed their magic once again. The world is not going to run short of energy as soon as feared.

America is not going to bleed its wealth importing fuel. Russia's grip on Europe's gas will weaken. Improvident Britain may avoid paralysing blackouts by mid-decade after all.

The World Gas Conference in Buenos Aires last week was one of those events that shatter assumptions. Advances in technology for extracting gas from shale and methane beds have quickened dramatically, altering the global balance of energy faster than almost anybody expected.

Tony Hayward, BP's chief executive, said proven natural gas reserves around the world have risen to 1.2 trillion barrels of oil equivalent, enough for 60 years' supply – and rising fast.

"There has been a revolution in the gas fields of North America. Reserve estimates are rising sharply as technology unlocks unconventi

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Added: Oct-12-2009 
By: QIQrrr
In:
Iran, News
Tags: Natural gas, oil, energy
Views: 8725 | Comments: 9 | Votes: 0 | Favorites: 2 | Shared: 0 | Updates: 0 | Times used in channels: 1
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  • Jimmy Carter said all the fuel would be gone by the mid '80s. Still waiting.

    Posted Oct-12-2009 By 

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  • I've heard T. Boone Pickens trumpeting the virtues of natural gas for a while now. I know he's been practically swimming in natural gas and is probably actively involved in this process. Well, good. Anything to get us off Saudi oil dependence is a good thing.

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  • Comment of user 'jsczerby' has been deleted by author (after account deletion)!
  • Interesting.Hope it's true.

    Posted Oct-12-2009 By 

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  • Canada has been doing CBM Fracks for years, check out companies like Trican, and Sanjel Calfrac

    Posted Oct-12-2009 By 

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  • And i'll give this until tomorow until the Democrats bring it all to a grinding halt. "Not green enough, land encroachment on blue butterflies, need more time to study the effects!" They'll quash it before the year is out.

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  • See there is plenty for everyone. There is no energy shortage, there never was. Now ask yourself if it's possible for this much energy to have been formed by decayed matter. We have been manipulated for so long by these energy liars. Someday the truth will come out.

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  • Of course were not going to run out, no one has noticed the US and Canada hoarding fossil fuels? If you believe all that BS about not wanting to use it because of the environment youre a sucker. All they have to do is install scrubbers and the carbon is a non issue. They where probably waiting for the middle east to burn through most of their supply and money, which they are doing quickly. The 500 megatonnes/year of methane which have started venting to the atmosphere is the real danger, that wi More..

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